In the brand new country of Genovia, businesses are free to…

In the brand new country of Genovia, businesses are free to sell any legal product they want in any manner they desire as long as it does not violate any laws or ordinances. A business is also free to decide what to produce, how to produce it, and at what price to sell it.  What type of economic system is employed in the new nation of Genovia?

Chevron and ExxonMobil are two of the relatively few sellers…

Chevron and ExxonMobil are two of the relatively few sellers in the oil- and gas-production industry. Due to the tremendous capital investment required to enter this industry, these companies are insulated significantly from the threat of new competitors and thus have considerable control over their prices. This market situation is referred to as a(n) _______.